Peru’s central bank joins global push to develop a digital currency

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LIMA, Nov 16 (Businesshala) – Peru is joining the global push to develop a central bank digital currency (CBDC), central bank president Julio Velarde said on Tuesday, as policymakers around the world move the rapidly expanding cryptocurrency. want to keep pace with.

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Speaking at a conference with business leaders in Lima, Velarde said that Peru’s central bank is working with central banks in India, Singapore and Hong Kong to develop CBDCs.

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“We’re not going to be the first, because we don’t have the resources to be first and face those risks,” Velarde said, “but we don’t want to lag behind. At least we’re on the same level or Probably ahead of peers of similar size, though behind Mexico and Brazil.”

Neighboring Chile is also discussing the rollout of a CBDC in 2022.

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A central bank-issued digital currency would be different from other cryptocurrencies such as bitcoin in that the currency would give an individual or business a direct claim to a central bank, just as with physical cash.

Regulators around the world are cracking down on digital coins, worried about a booming market that has bypassed sovereign central banks and could undermine their control of global financial systems.

Reporting by Maro Aquino; Editing by Cynthia Osterman

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